Canada shads 71,200 new jobs in November; unemployment rate climbs to 5.9 percent

Statistics Canada reported on Friday that the number of employed people reduced by 71,200 m-o-m in November, while economists had forecast a gain of 10,000 and after an unrevised drop of 1.800 in the previous month.

Meanwhile, Canada's unemployment remained rose to 5.9 percent in November from 5.5 percent in October, above economists’ forecast for 5.5 percent. That was the highest jobless rate since September 2018.

According to the report, full-time employment decreased by 38,400 (or -0.2 percent m-o-m) in November, while part-time jobs declined by 32,800 (or -0.9 percent m-o-m).

In November, the number of public sector employees decreased by 2,300 (-0.1 percent m-o-m), while the number of private sector employees declined by 50,200 (-0.4 percent m-o-m). At the same time, the number of self-employed dropped by 18,700 (-0.6 percent m-o-m) last month.

Sector-wise, employment declined in both in the goods-producing sector, specifically in manufacturing (-28,000) and natural resources (-6,500), as well as in the services-producing sector, notably in public administration (-25,000).

On a year-over-year basis, employment grew by 293,000 (+1.6 percent) in November, with the increase largely accounted for by full-time work.